In recent years, due to our economy and housing market, many people have become more aware of the time periods involved with debt collection and reporting.  The Fair Credit Reporting Act states that most negative items must be removed from your report 7 years after 'uninterrupted delinquency'.

Making a payment does not affect this timeline.  However, not paying off old debts can continue to affect your credit. Lenders, landlords and others who review your credit would rather see a paid debt regardless.

Don't confuse this statute of limitations with your states statute of limitations on collecting a debt in court (lawsuit).  This is totally separate from your credit report. In this case, any activity may reset the effective date which is the date of inactivity. This can vary widely by state and type of debt incurred.

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